by the too big to fail problem. here in the act takes a two- pronged approach. this includes enhanced risk based requirement, credit limits, stress testing, and remediation regime and activities restrictions. the fed and other agencies face the challenge of aligning regulation with international agreements. these efforts are going well. the federal reserve and expects to issue rules over site of cfis this summer and we are on schedule to implement basel 3. and being too big to fail requires allowing a cfi to fail. the second part of the act empowers the fed and the fdic to reduce the affect on the system in the event of a failure to tools such as liquidation of authority and approve a resolution planning. the federal reserve is working with the fdic to thecfis prepare for resolution by adopting living wills. the joint rule is expected this summer. reducing the likelihood of a severe crisis requires strengthening the resilience of markets an infrastructure. toward that end, provisions to improve the transparency and stability of the derivatives market and strength since he th -- streng

thought too big to fail all of a sudden were too interconnected to fail. the swaps which are so important helping manage and lower risks for thousands of end users in this economy in that moment of crisis concentrated in a heightened risk in the financial system and not to the public. what did dodd-frank do to address this? it broadened the scope of the oversight for the first time covering swaps. second the act promotes market trend guarantees, something working on the security and futures markets through real-time reporting of transactions and bringing those transactions to a centralized space. economists for decades found a transparency reduces costs to users of the market. third the act lowered risk to the public and the overall economy by regulating the dealers and moving that which we can to a central clearing. fourth the act provides new enforcement authorities and reporting requirements for the regulators themselves to better police the market for manipulation and other abuses. the commission finalized a rule on manipulation similar to what the sec has had for decades an

was seen as big change there's a lot of continuity with what folks have put together before. there have been critics. as there have been at every major turning point in space policy. within six months we saw a bipartisan legislation in the works to move much of the administration's plan into law. congress passed it. dms it -- administration decided. was a critical step in our strategy for achieving the president's goal. it happen sooner than we ever fought possible. it is thanks to the leadership of senators nelson and hutcheso. it is thanks to the leadership of senators nelson and hutcheson and others in the senate. much work lies ahead that history is being written but there is some exciting stuff happening today because of the work these gentlemen have done and what nasa is doing today. is really exciting progress in space. in the coming months nasa is poised to announce more details on the heavy lift rocket that will eventually take man further and faster into space to places we have gone before including asteroids and beyond the earth/moon drill. yesterday there is an alpha ma

, those of us who go to the funerals and listened to the agents' who big to make sure that we help them because they are fighting weapons of war, and that is what we are concerned about. the agent came and said some of them said it today. so i yield backend i want to thank the chair. >> i want to add i think that we both agree on both sides of the aisle that mistakes were made in the handling of the operation fast and furious and we are legitimately trying to get answers and look at this. but the larger issue that i feel is in danger of possibly being overlooked is the flow of illegal weapons. we are not talking about regular guns. in the testimony from the agents, they call them military-style weapons. they were ak-47s, very special devotee rifles. so these are not normal guns, these are military guns, and this is a even larger issue the fast and furious is to stop the flow of illegal guns and i believe on both sides of the ogle we can agree that illegal guns going into america or mexico is something we need to address and stop as quickly as possible. >> we now go to the gentleman